There is little bankruptcy case law to guide what is likely to be the next phase of Simon Property Group's $10 billion bid for General Growth Properties. "In most bankruptcies, you're looking at partial realization for the unsecured creditors," Simon Executive Vice President and Chief Financial Officer Stephen Sterrett said during a speech at the University of Virginia's Darden School of Business. "This, we're talking about not only full realization for the unsecured creditors, but value for the equity holders as well. So the judge is kind of in uncharted territory as to what they might do."

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